Good news for first time buyers looking for a mortgage.
While first time buyers face rising house prices, the news on the mortgage front is very positive.
Available mortgages at the smaller deposit end of the market have increased considerably over the past year. As well as increased availability there is also more positive news as rates have fallen to far more affordable levels.
According to the Halifax BS more first time buyers took out one of their mortgages in 2014 than at any other time since 2007.
Lenders over the past few months have been battling for business, and would-be home-owners are benefiting from this competition as rates are now falling.
It is now possible to lock into a first time buyer 5% mortgage at rates starting from 3.5%.
First time buyer mortgage highlights across the market include:
- A 2 year fixed rate mortgage for 95% LTV at 3.49% from the Hinckley and Rugby BS.
- A 2 year fixed rate mortgage for 95% LTV at 3.99% from the Hanley Economic BS.
For the majority of first-time buyers a fixed rate product is the mortgage of choice as such deals offer an element of security. Rates won’t go up for the period you lock into which means it is possible to better budget and plan your finances.
If you are looking to compare all lenders rates to come up with the one which is most competitive and best suited to your circumstances and financial needs, call an adviser at Deal Direct.
A call to us can help you get a mortgage to climb on the property ladder and buy your first home.
For impartial advice and a low rate quote call 0800 048 8828.
